Urban Markets: Downtown & Surrounding Areas
This week, a significant drop in house supply as people dig into the summer a little earlier than usual. As expected, though, as restrictions ease…more vaccinations take hold…and people start connecting in person again. We should expect a calmer July/August when compared to previous years.

If you don’t need to sell your house or condo now…I’d wait till Fall, at least.

However, this kind of supply drop is not typical. We’ll see how the next month or so plays out to be confident, but if people stop putting their houses on the market, we will see a seriously tight supply issue as Buyer demand either remains the same or increases.

Condos, however, aren’t as lucky. Not that condos are in a bad place. Far from it. But there is a healthy supply almost across the board. No real “deal” opportunities out there but no HUGE sale prices either.

All very predictable and relatively balanced.

Condo buyers can breathe a little when they see a place they love, and Sellers need to adjust their expectations. You’re not likely to get a bidding war situation on your condo unless it’s something out of this world special.

The first half of 2021 was all about the little condo that could—complete 180 from Q4 2020. Now in cruise control until supply tightens again.

House Average Price: $1,605,687
House Median Price: $1,372,500
509 Active Listings
84 Firm Sales This Week
Months of Inventory (MoI) ~ 1.51
Average Days on Market ~ 13 DoM

Condo Average Price: $776,803
Condo Median Price: $710,000
1594 Active Listings
139 Firm Sales This Week
MoI ~ 1.84
Average Days on Market (DOM) ~ 14.74

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Rosedale and surrounding communities are some of Toronto’s best-performing markets at the moment. Severe lack of supply and skyrocketing buyer demand should keep these communities flying for the rest of 2021…but as we’ve seen in the urban condo market, a few weeks of increasing supply can turn that sentiment on a dime.

Keep an eye on this blog as all other reports continue to focus on month-over-month data or year-over-year. We’re likely to catch shifts before anyone else.

House Average Price: $3,691,488
House Median Price: $2,795,000
126 Active Listings
15 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $993,890
Condo Median Price: $795,000
253 Active Listings
21 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
There are only 35 houses for sale in this giant area. Let that sink in for a moment. From Avenue to Leslie Sherwood Park to Pottery Rd. What??? You better believe that you’re competing hard for any decent home that hits the market here.

Why are people not selling here? Perhaps not enough equity to move up? Home large enough that people don’t need to sell? Many homeowners here also have recreational properties, so the need to move up may not be there.

Whatever the case may be, if you’re a buyer here…buckle up and get your money up.

If you’re a homeowner here and are on the fence about selling to downsize or cash out…now would be an excellent time for that.

House Average Price: $1,826,325
House Median Price: $1,862,500
35 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $674,462
Condo Median Price: $640,000
166 Active Listings
13 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
Much like the Urban North, Leaside/Davisville, Yonge & Eg…every area except for downtown has a massive supply problem right now. Houses everywhere but the urban communities are severely undersupplied.

Buyers need to get their money up here as prices continue to soar. Sellers may not get the crazy bidding wars right now as Summer calm is setting in but prices are high and continue to be supported by every single sale..bidding war or not.

House Average Price: $1,637,429
House Median Price: $1,430,000
16 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 0.87

Thanks so much for your energy and attention! If you need clarity on any of this or want to talk about your specific situation, then call/text/email anytime: ara@thespringteam.ca or 416-434-1511

 

 

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